REG - Amaroq Minerals Ltd - High-grade extension of Target Block confirmed

Amaroq MineralsAnnouncement

29/01/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240129:nRSc1320Ba&default-theme=true

RNS Number : 1320B  Amaroq Minerals Ltd  29 January 2024

("Amaroq," "Company" or the "Corporation")

 

High-grade extension of Target Block confirmed at Nalunaq

 

***New underground samples beyond the historically mined areas of Target
Block, Nalunaq's largest historic mining block, confirms continuation of high
grade mineralisation into modelled extension area with grades of up to 48.3g/t
Au over 1m***

***Additional intersections of the newly discovered 75 Vein provide further
confidence in its thickness and continuity***

 

TORONTO, ONTARIO - January 29, 2024 - Amaroq Minerals Ltd. (AIM, TSXV, NASDAQ
Iceland: AMRQ), an independent mine development corporation with a substantial
land package of gold and strategic mineral assets across in Southern
Greenland, is pleased to provide additional exploration results from within
the Nalunaq mine following its 2023 exploration programme.

James Gilbertson, VP Exploration, Amaroq commented:

"A thorough underground exploration programme, guided by our Dolerite Dyke
Model, has once again enabled our team to identify further resource and mining
potential at Nalunaq. These channel results highlight the continuity of the
high grade at the Target Block beyond the last historic stopes. This
significantly de-risks a designed underground rehabilitation and exploration
programme aimed at advancing additional development faces, which should help
the Company to progress towards its target production rate of 300tpd and
increase the overall contained resource.

"In addition, further sample results now confirm the significant extent of the
newly discovered 75 Vein, now with a total extension similar to that of the
Main Vein. This body is now known to extend above all mining blocks with
grades of up to 256g/t Au over 0.5m above the Mountain block, 22.59g/t Au over
0.59m above the Target Block, 175g/t Au over 0.51m above the South Block and
15.5g/t Au over 1.45m above the Valley Block. These results enable us to
robustly model this second vein and, following further drilling results, we
hope to be in a position to define a Mineral Resource for this vein in the
near future."

 

Overview

·    Results received from underground channel sampling across three
levels within the Target Block, historically the highest grade region of the
mine.

·    Sampling was aimed at corroborating previously unreported historical
channel samples that suggested the continuation of the Target Block into
extension areas.

·    Results confirm high grade nature of the Target Block extending into
previously unmined areas with grades of up to 48.3g/t Au over 1m.

·    Following these results, Amaroq intends to commence underground
drilling aimed at developing a second mining face at Nalunaq with a potential
strike extension of up to 775m.

·    Additional samples further confirm the continuity of the newly
discovered 75 Vein, with grades of up to 256g/t Au over 0.5m reported in the
2023 Nalunaq drilling campaign.

·    Amaroq intends to further expand the sampling of core from historical
drillholes in 2024 to aid the geological modelling of the 75 Vein.

 

Underground Exploration

During an underground exploration programme guided by Amaroq's Dolerite Dyke
Model at Nalunaq during 2023, the Amaroq team recognised that the Main Vein
appeared to extend beyond the last stope within the western areas of the
Target Block. This area was formerly the highest grade region of the Nalunaq
mine. This strongly suggested that the mineralisation previously mined within
this block extended well beyond the last stopes and into virgin ground. The
potential extension from these last stope to the Main Vein outcrop to the west
is around 775m.

Historic development and sampling in these areas appears not to have fully
appreciated this potential, with historic underground exploration
concentrating in areas now considered unprospective using the Dolerite Dyke
Model. This discovery triggered a new robust underground channel sampling
programme across all currently accessible levels within the western Target
Block.

Figure 1. Plan view illustrating the 2023 Underground exploration locations
and Target Block potential

Sampling proceeded with the use of a twin blade diamond channel cutter with
samples taken as full Main Vein widths on the side walls alongside historical
chip channel samples. Samples were fully documented and submitted to ALS
Geochemistry for sample preparation on site and chemical assaying in Ireland.

Figure 2. Underground channelling within the western reaches of the Target
Block

 

The results from this channel sampling programme corroborate the inefficient
historical chip channel samples and confirm that the Main Vein beyond the last
stope is high grade mineralised with new assays of up to 48.3g/t Au over 1m.
This knowledge, coupled with the visual mapping of strong and continuous Main
Vein material at the ends of these historic drifts, lends significant weight
to the assumption that further commercial mining can proceed along strike.
Amaroq will now complete the design of a rehabilitation and underground
drilling and sampling programme targeting this area. The aim of this programme
would be to provide sufficient confidence to allow for the mine design and
scheduling in the Target Block extension as the second development face at
Nalunaq.

Underground Channel Sample Results

 Channel ID  Easting  Northing  Elevation  Total Depth (m)  Dip  Azimuth
 57320       508215   6691101   584        0.5              90   315
 57322       508218   6691102   584        0.5              90   315
 57324       508221   6691103   583        0.5              90   315
 57326       508223   6691105   583        0.5              90   315
 57328       508226   6691107   583        0.5              90   315
 57330       508231   6691109   583        0.5              90   315
 57332       508239   6691112   582        1                90   315
 57334       508276   6691091   564        0.5              90   315
 57336       508278   6691092   563        0.7              90   315
 57338       508349   6691074   538        0.8              90   315
 57340       508354   6691077   538        0.9              90   315

 

 

 Channel ID  From  To   Interval (m)  True Thickness (m)  Au (g/t)
 57320       0     0.5  0.5           0.44                0.1
 57322       0     0.5  0.5           0.44                0.23
 57324       0     0.5  0.5           0.44                0.31
 57326       0     0.5  0.5           0.44                0.34
 57328       0     0.5  0.5           0.44                0.57
 57330       0     0.5  0.5           0.44                13.3
 57332       0     1    1             0.88                48.3
 57334       0     0.5  0.5           0.47                14.8
 57336       0     0.7  0.7           0.65                4.21
 57338       0     0.8  0.8           0.75                0.09
 57340       0     0.9  0.9           0.85                0.15

 

Additional 75 Vein Sampling

Following the discovery of the new mineralised vein, 75 meter
stratigraphically above the Main Vein from the 2023 drilling (the 75 Vein,
reported October 11, 2023), the Amaroq team reassessed the remaining core from
this programme as well as a number of historical drillholes that potentially
had intersected the 75 Vein, but not been fully recognised. The results of
this now conclude that five of the six 2024 drillholes intersected this body
and that now a total of 46 75 Vein intersects have been recognised. In
addition to this a further ~100 intersections require review and sampling,
this will be conducted during 2024.

Figure 3. Schematic cross section illustrating the location of the 2023
drilling and the 75 Vein

The 75 Vein is now the most continuous mineralised body at Nalunaq after the
Main Vein, with a similar overall strike extent. Amaroq's intention is to
continue the re-logging and identification of additional 75 Vein intersects
during 2024, facilitating the robust modelling of this vein, which will in
turn allow for Mineral Resource estimation in areas that contain sufficient
drill density.

The 75 Vein now also constitutes a potential mine development area towards
developing additional mine faces allowing the Company to build towards its
target production rate of 300tpd.

Figure 4. Map illustrating the extent of confirmed 75 Vein intersections

Selected Drill Locations for 75 Vein Intersections

 Hole ID   Easting  Northing  Elevation  Total Depth (m)  Avg. Dip  Avg. Azimuth  Year
 NAL2301   508011   6691453   1114       321.93           85        302           2023
 NAL2302   508010   6691453   1114       249.98           62        322           2023
 NAL2303   508010   6691455   1116       286.48           65        20            2023
 NAL2304   508083   6691351   1033       275.05           66        354           2023
 NAL2305   508083   6691352   1033       274.41           47        356           2023
 NAL2306   508083   6691351   1033       323.58           35        7             2023
 AEX2218   508974   6690835   360        181.60           50        311           2022
 AEX2219   508877   6690714   378        242.36           67        245           2022
 AEX2220   508877   6690714   378        203.12           71        270           2022
 AEX2226   508879   6690713   378        212.25           65        307           2022
 AEX2228   508880   6690714   378        209.62           80        302           2022
 AEX2230   508881   6690714   378        212.05           57        322           2022
 AEX2235   508753   6690787   454        242.46           55        223           2022
 AEX2236   508928   6690769   370        196.84           48        298           2022
 AEX2238   508928   6690769   370        184.56           61        308           2022
 AEX2242   508978   6690836   360        178.97           58        284           2022
 AEX2244   508978   6690836   360        176.20           71        310           2022
 AEX21005  509111   6690874   306        164.70           55        326           2021
 AEX21009  509037   6690911   342        161.63           79        315           2021
 AEX21032  508950   6690488   318        240.96           55        316           2021
 AEX21092  509386   6690918   233        206.33           66        315           2021
 AEX21099  509244   6690515   231        404.50           86        269           2021
 AEX2005   509127   6690868   306        148.50           80        315           2020
 AEX2007   509133   6690904   304        213.00           68        318           2020
 AEX2008   509127   6690868   306        175.30           62        325           2020
 AEX1906   509444   6691087   234        215.61           64        309           2019
 AEX1702   508750   6690313   226        137.90           60        316           2017
 AEX1703   508063   6690782   665        139.80           90        315           2017
 AEX1704   508063   6690782   665        132.80           60        315           2017
 NQ158     508085   6691344   1029       371.00           68        29            2006
 NQ159     508547   6690849   577        260.00           60        317           2006
 NQ161     508085   6691343   1029       378.75           84        6             2006
 NQ163     508546   6690849   577        240.00           46        320           2006
 NQ164     508180   6691202   936        320.50           66        5             2006
 NQ113     509150   6690850   290        280.00           78        310           2005
 NQ127     509284   6690873   245        246.50           65        310           2005
 NQ90      508295   6691091   829        299.70           45        315           2004
 NQ96      508343   6691073   791        242.90           48        290           2004
 NQ-79     508810   6690890   445        198.00           46        305           2001
 NQ-80     508756   6690807   457        251.70           85        260           2001
 NQ-84     508969   6690837   364        251.70           85        305           2001
 NQ-86     508598   6690954   580        251.70           86        315           2001
 NQ-64     508998   6691030   372        161.00           85        297           1999
 NQ-37     509064   6690799   324        302.00           63        330           1998
 NQ-41     508976   6690942   372        248.00           43        330           1998
 NQ-42     508976   6690941   372        170.00           80        330           1998
 NQ-45     508651   6691215   581        149.00           84        315           1998

Projection WGS 84 UTM zone 23N

 

Sampled 75 Vein Intersections

 Hole ID   From      To        Interval (m)*  Au (g/t)  Vein
 NAL2301   137.45    138.95    1.5            0.03      75
 NAL2302   75 vein not identified (pinched out)
 NAL2303   147.1     147.6     0.5            0.51      75
 NAL2304   137.33    137.87    0.54           0.32      75
 NAL2305   128.4     128.9     0.5            256       75
 NAL2306   152.5     154       1.5            0.28      75
 AEX2218   72        72.5      0.5            0.1       75
 AEX2219   96.1      97        0.9            0.08      75
 AEX2220   87        88.5      1.5            0.07      75
 AEX2226   84.75     85.25     0.5            0.06      75
 AEX2228   91        91.5      0.5            0.22      75
 AEX2230   85.3      86        0.7            0.17      75
 AEX2235   122.37    122.87    0.5            0.14      75
 AEX2236   83.85     84.35     0.5            3.85      75
 AEX2238   79.26     79.8      0.54           0.09      75
 AEX2242   76.56     77.07     0.51           0.12      75
 AEX2244   62.82     63.32     0.5            0.11      75
 AEX21005  50.26     51.71     1.45           15.5      75
 AEX21009  50.65     51.59     0.94           0.1       75
 AEX21032  134.4     135.9     1.5            0.09      75
 AEX21092  50.54     51.04     0.5            0.13      75
 AEX21099  184.58    186.08    1.5            0.13      75
 AEX2005   60.45     61.95     1.5            1.11      75
 AEX2007   54.6      55.35     0.75           6.02      75
 AEX2008   58.8      60.3      1.5            0.122     75
 AEX1906   24.9      25.4      0.5            5.48      75
 AEX1702   49        50        1              0.08      75
 AEX1703   53.5      54.5      1              0.17      75
 AEX1704   48.78     49.8      1.02           0.29      75
 NQ158     154.88    155.38    0.5            0.11      75
 NQ159     101.95    103.05    1.1            0.1       75
 NQ161     143.25    143.99    0.74           0.2       75
 NQ163     106.44    106.95    0.51           175       75
 NQ164     179.21    179.95    0.74           0.49      75
 NQ113     55.05     55.52     0.47           0.15      75
 NQ127     46.6      46.84     0.24           0.08      75
 NQ90      164.04    164.57    0.53           0.09      75
 NQ96      153.82    154.36    0.54           22.59     75
 NQ-79     48.95     49.5      0.55           0.11      75
 NQ-80     87.15     88.5      1.35           0.57      75
 NQ-84     75.35     76        0.65           0.22      75
 NQ-86     85.1      86.25     1.15           0.24      75
 NQ-64     32.98     33.93     0.95           0.38      75
 NQ-37     73        74.25     1.25           0.07      75
 NQ-41     39.55     40.3      0.75           0.19      75
 NQ-42     53.46     54.48     1.02           0.19      75
 NQ-45     8.82      9.86      1.04           0.07      75

*True length estimated at 70-100% of interval length

 

Background - The Nalunaq Orebody

The Main Vein at Nalunaq is a laterally extensive shallowly dipping
gold-bearing quartz vein with an average thickness of 70 cm in thickness. The
vein hosts variable high gold grades of up to 5,240 g/t, with the
mineralisation separated into high grade zones of up to 5,240 g/t and
low-grade zones, both of which are controlled by the intersection of
structures which Amaroq has defined in its Dolerite Dyke geological model.

This vein was mined between 2004 and 2013 and produced c.360,000 ounces of
gold(1). Amaroq is exploring for an Exploration Target of up to 2.0 Moz gold
across the Main Vein and veins in the footwall and hanging wall as announced
on September 16, 2020(2). Following a Mineral Resource Estimate update
published on September 6th, 2022, the project hosts a CIM compliant Inferred
Mineral Resource of 355.0 kt @ 28.0 g/t Au, with 320 koz gold(3).

The mine area is separated into five coherent zones termed the Mountain,
Target, South, Valley and Welcome Blocks that constitute the highest grade
areas of the Main Vein. Three of these blocks have experienced some historical
mining, with the Company concentrating its efforts in expanding resources up
and down dip of these areas as well as developing previously unrecognised
Blocks.

The 2022 exploration programme involved further core drilling, underground
assessments, surface channel sampling and drone photogrammetry concentrated on
the Valley and Mountain Blocks.

((1) NI 43-101 Report dated June 2020; (2) See press release dated September
16, 2020; (3) See press release dated September 6, 2022)

Sampling and QAQC Disclosure

Drill core was cut in half using a diamond blade core saw. Cut lines were
consistently drawn along the core foliation axis and the right-hand side of
the core was sampled. All drill core samples were placed into thick polymer
bags with a sample ticket. All samples were prepared at ALS Geochemistry's
containerised preparation laboratory on-site at Nalunaq, before being packaged
and sent to an accredited laboratory, ALS Geochemistry, Loughrea, Ireland, for
analysis.

Sample preparation scheme PREP-31BY was used on all samples. This involves
crushing to 70% under 2 mm, rotary split off 1 kg, and pulverizing the split
to better than 85% passing 75 microns. Samples were then analysed by 50 g fire
assay with method Au-AA26 which has a detection limit of 0.01 ppm Au. Samples
containing visible gold and samples considered to be the Main Vein were
assayed with screen-metallics fire assay technique Au-SCR24 which has a
detection limit of 0.05 ppm Au. This involves screening 1 kg of pulverised
sample to 106 microns followed by a gravimetric assay of the entire plus
fraction and a duplicate 50 g AAS assay of the minus fraction.

Amaroq's QA/QC program consists of the systematic insertion of certified
reference materials of known gold content, blanks, and quarter core field
duplicates at a rate of 1 in 20 or 5% per QA/QC type. In addition, ALS insert
blanks and standards into the analytical process. The average sample mass was
2.08 kg.

All Mineral Resource Estimates presented in this press release have been
estimated in accordance with the Canadian Institute of Mining, Metallurgy and
Petroleum (CIM) Definition Standards on Mineral Resources and Mineral
Reserves, National Instrument 43-101.

 

Enquiries:

Amaroq Minerals Ltd.

Eldur Olafsson, Executive Director and CEO

eo@amaroqminerals.com

 

Eddie Wyvill, Corporate Development

+44 (0)7713 126727

ew@amaroqminerals.com

 

Stifel Nicolaus Europe Limited (Nominated Adviser and Broker)

Callum Stewart

Varun Talwar

Simon Mensley

Ashton Clanfield

+44 (0) 20 7710 7600

 

Panmure Gordon (UK) Limited (Joint Broker)

Hugh Rich

Dougie Mcleod

+44 (0) 20 7886 2500

 

Camarco (Financial PR)

Billy Clegg

Elfie Kent

Charlie Dingwall

+44 (0) 20 3757 4980

 

For Corporation updates:

Follow @Amaroq_Minerals on X (Formerly known as Twitter)

Follow Amaroq Minerals Ltd. on LinkedIn

 

Further Information:

About Amaroq Minerals

Amaroq Minerals' principal business objectives are the identification,
acquisition, exploration, and development of gold and strategic metal
properties in Greenland. The Corporation's principal asset is a 100% interest
in the Nalunaq Project, an advanced exploration stage property with an
exploitation license including the previously operating Nalunaq gold mine. The
Corporation has a portfolio of gold and strategic metal assets in Southern
Greenland covering the two known gold belts in the region. Amaroq Minerals is
incorporated under the Canada Business Corporations Act and wholly owns
Nalunaq A/S, incorporated under the Greenland Public Companies Act.

 

Forward-Looking Information

This press release contains forward-looking information within the meaning of
applicable securities legislation, which reflects the Corporation's current
expectations regarding future events and the future growth of the
Corporation's business. In this press release there is forward-looking
information based on a number of assumptions and subject to a number of risks
and uncertainties, many of which are beyond the Corporation's control, that
could cause actual results and events to differ materially from those that are
disclosed in or implied by such forward-looking information. Such risks and
uncertainties include but are not limited to the factors discussed under "Risk
Factors" in the Final Prospectus available under the Corporation's profile on
SEDAR at www.sedar.com. Any forward-looking information included in this press
release is based only on information currently available to the Corporation
and speaks only as of the date on which it is made. Except as required by
applicable securities laws, the Corporation assumes no obligation to update or
revise any forward-looking information to reflect new circumstances or events.
No securities regulatory authority has either approved or disapproved of the
contents of this press release. Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.

 

Inside Information

This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No. 596/2014 on Market Abuse ("UK MAR"),
as it forms part of UK domestic law by virtue of the European
Union (Withdrawal) Act 2018, and Regulation (EU) No. 596/2014 on Market Abuse
("EU MAR").

 

Qualified Person Statement

The Mineral Resource Estimate was prepared by Dr Lucy Roberts, MAusIMM(CP),
Principal Consultant (Resource Geology), SRK Consulting (UK) Limited., an
independent Qualified Person in accordance with the requirements of National
Instrument 43-101 ("NI 43-101"). Dr Roberts has approved the disclosure
herein.

The technical information presented in this press release has been approved by
James Gilbertson CGeol, VP Exploration for Amaroq Minerals and a Chartered
Geologist with the Geological Society of London, and as such a Qualified
Person as defined by NI 43-101.

Glossary

 Au   Gold
 g/t  Grams per metric tonne
 koz  Thousand troy ounces
 Moz  Million troy ounces
 kt   Thousand metric tonnes
 Mt   Million metric tonnes
 oz   Troy ounces
 UTM  Universal Transverse Mercator

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDDVLFLZFLEBBV